IslamicFinance.de

World Bank has published a new book concerning Takaful and Mutual Insurance. The book shall increase the understanding, appreciation, and discussion of the challenges and solutions which concern development and implementation of takaful.

Dear Reader,

The German language book on Islamic finance by the Editor of IslamicFinance.de and Dr Wackerbeck from Booz Consultants is now translated to Chinese.

Please find the biographical information below:

Authors: Michael Gassner / Philipp Wackerbeck
Title: Islamic Finance – Islam-gerechte Finanzanlagen und
Finanzierungen
ISBN number: 978-7-5139-0217-5
PUBLISHER: Beijing - Democracy and Construction Press
Pre-Publication Date: 2012.7

Full biographical details: http://db.lib.bua.edu.cn/asord/asorditem.php?asord_marc_no=0001344540

Orders: http://www.amazon.cn/%E4%BC%8A%E6%96%AF%E5%85%B0%E9%87%91%E8%9E%8D-%E7%B...

Book review about the German language original: http://www.rpi-virtuell.net/workspace/24686AD5-936C-476D-9EA0-65E2968590...

Best regards,

Michael Gassner

According to expectations, the measures introduced to bring the rules on takaful insurance up to date and expand them will be of help to the efforts of the segment to make inroads into the market share. The first Islamic policy writer opened in 1989, which, compared to other countries in the Gulf region and Asia, is very early. However, although Bahrain was working on becoming an insurance and takaful centre in the region, it is still necessary to strengthen its position. This could be accomplished by developing the Kingdom's human resources pool through advanced training programmes.

After achieving a revenue growth of 50% at the end of October 2012 compared with the same period last year, Great Eastern Takaful Sdn Bhd (GETSB) is convinced it will reach a 60% to 70% growth in revenue till hte end of the year. The focus of the company will be its single contribution business as well as its regular contribution businesses. Currently, GETSB has a share of 4% of the local takaful market. Apart from the growth in revenue, an increase in the number of agents from the current 5,000 to 6,500 by 2013 is expected.

A new draft of the guidelines on capital adequacy for Islamic banks and the risk management of takaful were released by the Islamic Financial Services Board (IFSB). The IFSB is responsible for global guidelines for Islamic finance, despite the fact that national financial regulators determine the way guidelines are implemented. The initial guidelines on capital adequacy were released in December 2005 and were based on Basel II standards. The new stricter Basel III made amendments to the guidelines necessary.

IslamicFinance.de offers an overview about new job openings of October 2012 herewith - firms aiming to be included please send a job profile/hyperlink to newsdesk@islamicfinance.de - the full details of the advert has to be accessed by the hyperlink below the brief description:

Product Manager, Islamic Banking

Standard Chartered Bank - United Arab Emirates-SCB (United Arab Emirates)
Job Description
?Development of Islamic wealth products across CBMS, insurance and investment streams to create customer value proposition.
?Ensure successful implementation of the Islamic banking strategy across high value segment.
?Concentrated responsibility to work with the Priority/Wealth/Private/SME product/frontline teams and support functions to build on the current Islamic banking capabilities and to create seamless customer experience
?Act as a product specialist for RMs on client meetings to introduce and explain the Saadiq solutions to meet their needs
?Financial budgeting and business forecast. Evaluation of financial performance.

Ahmad Rizlan was apoointed as the new CEO of Etiqa Takaful Bhd by Etiqa Insurance & Takaful. The new CEO has to report to the CEO of Etiqa Insurance & Takaful since the latter is responsible for the entire insurance and takaful group. Rizlan will be in charge of leading the takaful business in Etiqa including the performance of Etiqa Takaful here and regionally.

Read more on: http://www.thesundaily.my/news/529859

A joint venture between Takaful Ikhlas Sdn Bhd and Islamic Aid Malaysia (IAM) provided the Darul Falah Ummi Aishah Orphanage in Kampung Behor Masjid with a library of 1,000 books in Bahasa Melayu and English. The donation worth RM33,000 by Takaful Ikhlas Sdn Bhd was part of its Orphanage Library programme and was aiming to finance the library and to purchase books and computers and book racks. Thus, the company is fulfilling its corporate social responsibility (CSR).

Read more on: http://www.bernama.com/bernama/v6/newsindex.php?id=703229

Medgulf Allianz Takaful a cheque and several gifts to the children of Alia School for Early Intervention. The initiative is part of their Corporate Social Responsibility programme. More than 100 students with special needs are given education at the school. The donation comes from an internal sales campaign during Ramadan.

Read more on: http://www.ameinfo.com/medgulf-allianz-takaful-donates-alia-school-315607

Notable growth in the takaful industry from Islamic countries in North Africa is expected due to the changes in the political environment there. Islamic governments in countries like Libya, Tunisia and Egypt will most probably make a huge contribution to the global takaful market. Needless to say, conventional insurance will be overruled. With $11.8 million, the African takaful industry already ranks third worldwide.

Gambia shares experience with Nigeria regarding the preparations to developing Islamic banking in Nigeria. It happens rarely that 'little brother' Gambia gives advices to 'big brother' Nigeria, but there is no doubt about Gambia's courageous and proactive leadership by introducing the law for Islamic finance, from which Nigeria can draw upon.

See more under: http://allafrica.com/stories/201210021083.html

"Tackling the Profitability Chalange: Fresh Thinking for Islamic and Cooperative Insurance in the Middle East" ist the name of the Middle East Takaful Forum 2012 that is going to be held on the October 17th and 18th, under the patronage of the Central Bank of Bahrain. More than 200 top decision-makers will discuss the key challenges of Middle East Takaful operators and conditions of achieving sustainable profitability in the insurance sector.

See more under: http://www.cpifinancial.net/news/post/15966/overcoming-profitability-cha...

MAA Takaful's CEO had proclaimed the confidence of the group to maintain the market leadership in the segment of investment-linked business. As he said, it is not the size of agency staff but rather its professionalism and productivity that should move the investment-linked segments forward. This is why the group is going to double its agents' productivity in upcoming years.

See more under: http://biz.thestar.com.my/news/story.asp?file=/2012/10/1/business/120750...

Since Malaysian home takaful market is bound to tight rules, Islamic insurers direct their expansion towards neighbouring Indonesia aiming to tap three times faster growth. Great Eastern Takaful Sdn Bhd already has a facility in Jakarta and now intends to address low-income people in the region. Etiqa Takaful Bhd also plans expansion in Indonesia - it focuses on buying an Indonesian Islamic insurer.

More on: http://www.btimes.com.my/Current_News/BTIMES/articles/20120927105638/Art...

Standard and Poor’s is concerned about profitability in long term of Gulf takaful providers because they consider the investment strategies highly risky. On the other hand, according to forecasts, takaful contributions in the GCC region will grow much larger than premiums in the local conventional insurance industry in the following 12-18 months. Still, Standard and Poor's claims that it is not known for sure how many of the companies involved will maintain their long-term profitability.

More on: http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=533485...

The move to stipulate a minimum RO10 million capital for takaful firms aroused serious concern among Oman insurance companies. Reason therefore is that such a move will most probably pose a major entry barrier for local companies. That is why insurance companies prefer window operations in takaful business like the proposed regulation in banking sector. The proposal by Capital Market Authority (CMA) concerns a minimum envisaged capital of RO10 million and a three-member board for standalone companies for Sharia-compliant takaful insurance business. Feedback from insurance companies is expected within two week's tima.

More on: http://www.zawya.com/story/Oman_Insurers_upset_over_norms_for_takaful_fi...

Barclays and Absa maintain their interest in Africa as a target for Islamic insurance. There are plans to introduce the Takaful offering to the African continent. With a Muslim population of over 500 million, Africa represents a very good market perspective. The experience of Barclays and Absa in Africa shall be used in order to provide financial products that are suitable for each country.

More on: http://www.iol.co.za/business/companies/absa-africa-target-for-islamic-i...

Insurance company Tokio Marine Middle East Ltd intendt to launch a new Saudi joint venture aiming to spearhead its activities in the Kingdom and beyond. Alinma Tokio Marine KSA, the joint venture between Tokio Marine Middle East, Saudi Basic Industries Corporation (SABIC), Saudi Arabia's Alinma Bank, and a number of local smaller investors will start working together in the very near future. The capital of the new company is estimated at SR100 million.

Dar Al Takaful plans to a number of products with small and medium enterprises, travel, medical and institutional business as a target group. Thus, profitable volumes are expexted to contribute to achieving the premium targets set for 2012. The companiy's intentions are to achieve a 40% growth a year in the next two years. So far, an 85 per cent year-on-year growth in its premium business are a fact after only seven months of the current year.

Barclays and Absa keep their focus on Africa and plan to accept the group’s Islamic Insurance offering - Takaful. Due to the huge number of Muslim population in the continent - over 500 million people - there are excellent market opportunities for Islamic finance and, in particular, for Absa.